PSB 7-2 Prepare Vertical Analyses #1 Use the financial statements for Photography Professionals to complete four vertical analyses, one each based on the: 2026 income statement 2027 income statement 2026 balance sheet 2027 balance sheet Notes: All calculations throughout this exercise should be rounded to two decimal places. Within your answer enter all accounts in the same order given in the instructions for the most recent year. Photography Professionals Income Statement For the Year Ended December 31, 2026 Revenues: Service Revenue $ 108,500 Expenses: Salaries Expense $ 61,500 Photo Supplies Expense 14,750 Advertising Expense 11,350 Telephone Expense 1,740 Depreciation Expense 1,400 Postage Expense 925 Office Supplies Expense 625 Miscellaneous Expense 370 Total Expenses 92,660 Net Income $ 15,840

Answer rating: 100% (QA)

To perform vertical analysis on the income statements and balance sheets of Photography Professional... View the full answer